Best Zero Balance Account in UAE 2024
A zero balance account in the UAE, as the name indicates, allows individuals to maintain a bank account without the obligation of maintaining a minimum balance. In the UAE, several financial institutions have recognized the importance of these accounts in enhancing financial convenience.
With the surge in popularity, zero balance accounts have become essential in enhancing access to banking services for a wide array of residents and expatriates in the country.
Best Zero Balance Accounts in the UAE
Individuals can opt for any of the zero balance savings accounts in the UAE:
1. HSBC Esaver Account
The HSBC E-Saver account is available for residents of the UAE, including both salaried and non-salaried individuals. As an individual, you can open and operate the account online. It’s worth mentioning that holders of the HSBC E-Saver account cannot obtain a chequebook or a debit card.
Features and Benefits:
- Attractive Interest Rates: Individuals get high and competitive fixed interest rates on their deposits of up to 0.10%. This percentage is applicable on the entire balance and paid into the account on a monthly basis.
- Money Saving Strategy: Customers have the option to top up their savings via lump sum deposits or recurring monthly payments.
- Zero Maintenance: Bank account holders are not required to maintain any minimum balance to keep their accounts active.
- Zero Fee: The bank does not charge any fee for holding a bank account.
- Easy Ways to Deposit Money: Individuals have the option to deposit their money via three different ways- online money transfer, telegraphic transfers, and cheque deposit machines.
- Money Transfers in Multiple Currencies: Customers can transfer their money locally and internationally in multiple currencies.
- Convenient Withdrawals: The bank allows customers to withdraw their money through online banking and telegraphic transfers.
Eligibility Criteria and Documents Required:
- The applicant must be a UAE resident.
- For Non-HSBC Sole Account Applicants: Original passport (for all customers), Valid UAE residence visa (for non-GCC national customers only), Original Emirates identification card (for all customers), Proof of UAE residence in the form of either a utility bill/rental/lease agreement/title deed and employment letter.
- For Non-HSBC Joint Account Applicants: Original passport (for all customers), Valid UAE residence visa (for non-GCC national customers only), Original Emirates identification card (for all customers), Proof of UAE residence in the form of either a utility bill/rental/lease agreement/title deed and employment letter.
Click here to Open HSBC Esaver Account
2. ADIB Smart Banking Account
Abu Dhabi Islamic Bank offers a Smart Banking account for all individuals aged above 18 years. It allows residents of the UAE to open an account, irrespective of their employment status. No matter if you are a salaried employee, homemaker, or even a self-employed individual, this ADIB account offers you the convenience of effective financial management by keeping your money safe in the bank account.
Features and Benefits:
- Bonus Credit Upon Salary Transfer: Customers can enjoy salary bonuses if they transfer their salaries to an ADIB account.
- Attractive Profit Rates: ADIB offers competitive interest rates on savings.
- Enjoy Offers and Discounts on Smartdeals: Individuals can avail of more than 1500 deals and exclusive discounts via the Smartdeals application.
- Free Money Transfer: Customers can make 1 free domestic and international transfer every month.
Eligibility Criteria and Documents Required:
- For Income-based Applicants: The minimum salary of the applicant must be AED 5000 per month, The account must be entirely for personal use, The applicant must be either a salaried individual or business owners partner.
- For Non-income-based Applicants: Applicants who are housewives and hold a housewife visa status, The account must be used for personal use only, In case of a student, the minimum age of the applicant must be 24 years old and the individual must have a student ID.
Documents Required:
- Valid Emirates ID (applicable to both UAE nationals and residents)
- Valid UAE residence visa
- Original passport
Click here to Open ADIB Smart Banking Account
3. Emirates NBD Liv Account
Emirates NBD Liv. bank account levels up your financial management knowledge by teaching you smarter money control. Using this account is easy and convenient as it has a friendly user interface.
Features and Benefits:
- Smart Savings: Individuals can save smart with the easy automated savings feature.
- Zero Paperwork: There is no need for paperwork. Individuals can seamlessly access banking facilities online without any hassle.
- Competitive Interest Rates: Bank account holders can earn up to 2% interest rates annually and track their progress on the bank’s app conveniently.
- Early Learning About Money Management: The liv. account is specifically curated for children and teenagers.
- Access to Free Cheque Book: On-demand cheque book facility is available for Emirates NBD Liv. Account holders. Those who earn more than AED 10,000 per month receive a free cheque book for one year.
- Easy and Quick Payments: With this account, individuals can simply add beneficiaries and make instant money transfers.
- 24/7 Customer Service Support: The customer support team is available round the clock for relevant assistance.
- Ensures Security: The bank guarantees multi-layered authentication for transactions and accounts.
Click here to Open Emirates NBD Liv. Account
4. Commercial Bank of Dubai Esaver Account
The Commercial Bank of Dubai (CBD) ESaver account allows customers to open their accounts in a few minutes. This account helps in earning high returns with ease and flexibility.
Features and Benefits:
- Zero Maintenance: The bank does not ask for maintaining a minimum account balance or does not charge any maintenance fee to keep the account active.
- Attractive Interest Rates: Customers can earn up to 1.25% interest rates on their monthly average balances.
- Online Banking Convenience: Individuals can access their bank accounts, fetch associated information, and even download monthly statements swiftly with the online banking service.
- Instant Account Opening: Existing CBD customers can instantly open an Esaver account through the online banking channel.
- Easy Money Transfers and Payments: The bank allows up to 3 debits every month with this account.
Eligibility Criteria and Documents Required:
- The applicant must either be a UAE national or a UAE resident.
- The minimum age of the applicant must be 18 years old.
Documents Required:
- Valid Emirates ID
- Valid passport
- Valid residence visa
Click here to Open CBD Esaver Account
5. FAB iSave Account
FAB iSave Account is one of the best zero balance accounts in the UAE. Individuals who hold an account ear higher interest rates on their savings over the years.
Features and Benefits:
- Zero Maintenance: The FAB iSave account is a zero balance account in the UAE, which means customers are not required to maintain a minimum balance to keep their account active.
- Unlimited Withdrawals: Individuals can make unlimited cash withdrawals with this bank account.
- Currency: The FAB iSave bank account is available in AED currency.
- Attractive Interest Rates: Customers can earn an interest rate of 5.25% per year on new funds. (It is applicable on funds deposited from 1st May 2023 to 31st December 2023.
- Instant Account Opening: Applicants can quickly open a bank account via the online banking service.
- Prompt Customer Service Support: The customer support team is available round the clock for assistance.
Eligibility Criteria and Documents Required:
- Applicants must be UAE residents.
- Individual applicants are eligible to open an account.
Documents Required:
- Valid Emirates ID
- Valid residence visa
Click here to Open FAB iSave Account
6. RAKBANK Fast Saver Online Account
The RAKBANK Fast Saver Online account is a zero balance account, which helps customers to gain high interest on their savings.
Features and Benefits:
- Availability of Currency: The account is available in USD and AED currency.
- Zero Maintenance: Customers are not required to pay any fee even if they do not have any amount in their accounts.
- Issuance of Debit Card: RAKBANK offers a complimentary debit card upon opening an account.
- Online Monthly Statement: Individuals can easily get their monthly bank statements online on their registered email ID.
Eligibility Criteria and Documents Required:
- Only individual applicants are allowed to open an account.
Documents Required:
Valid Emirates ID
- (Note: The bank may require other documents according to its requirements.)
Click here to Open RAKBANK Fast Saver Online Account
Frequently Asked Questions
Can UAE expatriates be eligible to open a zero balance account in the UAE?
Yes, expats can open zero balance accounts in the UAE provided they have relevant ID proof.
Do I need to deposit a specific amount to keep my zero balance account active in the Emirates?
As per the definition, zero balance accounts don’t require you to maintain any minimum balance. However, a few banks and financial institutions may ask you to transfer your salary to your account to keep it a zero balance one.
Which are some of the best zero balance accounts in the UAE?
Some of the top zero balance accounts across the UAE are:
- CBD Esaver Account
- FAB iSave Account
- RAKBANK Fast Saver Online Account
- HSBC e-Saver Account
Is a minor aged below 18 years open a zero balance account in the UAE?
Yes, some banks allow minors to have zero balance accounts along with their guardians.
Is it mandatory to make salary transfers to zero balance accounts?
No, salary transfer is not mandatory. It entirely depends on the bank you choose.
Conclusion
UAE offers a range of zero balance account options for residents and expatriates, each with its unique features and benefits. These accounts provide an excellent opportunity for individuals to manage their finances without the burden of maintaining a minimum balance, making banking more accessible and convenient for everyone.
